Swarmer Inc. (NASDAQ: SWMR) said Thursday it entered into a definitive agreement to acquire Ukrainian unmanned ground vehicle maker Ratel Robotics for up to $224 million.

The deal includes a mix of cash and stock. The full value depends on Ratel meeting earnout milestones. Closing remains subject to customary conditions and required regulatory and shareholder approvals.

As of June 30, 2026, Swarmer had $25.3 million in cash and cash equivalents.

Ratel Expands Swarmer's Defense Platform

Ratel has secured $86 million in contracts this year. It is also in talks with several NATO countries under the "Build With Ukraine" initiative.

The company makes modular unmanned ground vehicles, or UGVs, used for battlefield logistics, casualty evacuation, reconnaissance, drone launches and demining. It is also developing unmanned aerial vehicles, mobile workshops and solar-powered trailers.

Ratel's products accounted for about 37% of the 11 billion Ukrainian hryvnias, or $246.85 million, spent by the Ukrainian Ministry of Defense Procurement Agency on UGV procurement contracts from January 1 through April 18.

Nearly 500 Employees After Deal

More than 300 Ratel employees are expected to join Swarmer after closing. That would bring the combined workforce to nearly 500. Founder and CEO Taras Ostapchuk will continue leading Ratel.

Swarmer President and U.S. CEO Alex Fink said the companies plan to combine Ratel's ground platforms with Swarmer's autonomy software.

Chairman Erik Prince said the acquisition supports Swarmer's goal of building a platform around battlefield-tested defense technologies, an objective he outlined in a recent letter to shareholders.

Swarmer says its autonomy technology has supported more than 100,000 combat missions in Ukraine since April 2024.

Swarmer Price Action

SWMR Price Action: Swarmer shares were up 2.42% at $36.18 at the time of publication on Thursday, according to market data.